Financial Results : Batic turns to SAR 800,000 net profit in Q1 2022

Batic turns to SAR 800,000 net profit in Q1 2022

23/05/2022 Argaam Exclusive

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Batic Investments and Logistics Co. reported a net profit after Zakat and tax of SAR 800,000 in Q1 2022, versus a net loss of SAR 3.2 million in the year-earlier period. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 123.64 109.66 (11.3 %)
Gross Income 9.40 11.61 23.5 %
Operating Income (2.45) (0.29) 88.0 %
Net Income (3.23) 0.84 126.1 %
Average Shares 584.96 600.00 2.6 %
EPS (Riyals) (0.01) 0.00 125.5 %

This was driven by a 22% increase in gross profit on the significantly improved performance of the smart parking segment in Q1 2022. The company also cited a rise in the unrealized revenue from investments at fair value.  

  

On a sequential basis, the company turned to a profit, against a net loss of SAR 10 million in Q4 2021.   

 

Total shareholders’ equity, excluding minority interest, jumped 46.97% year-on-year (YoY) to SAR 521.499 million in Q1 2022.   

Accumulated losses reached SAR 544,719, representing 0.091% of capital, as of March 31, 2022. 

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